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The U.S. military has signed on Halliburton (NYSE:HAL - news) to do nearly $5 billion in new work in Iraq under a giant logistics contract that has so far earned the Texas-based firm $9.1 billion, the Army said on Wednesday.
Linda Theis, a spokeswoman for U.S. Army Field Support Command in Rock Island, Illinois, said the military signed the work order with Halliburton unit Kellogg Brown and Root in May.
The new deal, worth $4.97 billion over the next year, was not made public when it was signed because the Army did not consider such an announcement necessary, she said.
Halliburton shares have rallied 13 percent since the beginning of June, bolstered by high crude oil prices.
A top U.S. Army procurement official said last week Halliburton's deals in Iraq were the worst example of contract abuse she had ever seen, a claim KBR strongly rejected as "political rhetoric."
Originally posted by WestPoint23
... you are brain washed it illegal because its Halliburton.
When are we going to gown up and really deny ignorance?
Originally posted by Bulldog 52
What did the British get out of this then ? Probably nothing , we waste out time fighting with America.Its time the Brits wised up and bring our army home and stop being a lacky to American Business.